Hello friends ,Export of a nil rated item under GST-Is it considered as Zero rated supply or Nil rated Supply?
18 Replies
Amarjeet jasiwal
(student)
(147 Points)
Replied 16 January 2018
export of goods or deemed export of goods are zero rated supply
Gayathri
(Asst Manage Finance)
(49 Points)
Replied 17 January 2018
But the supply which is chargeable to nil rate of tax or 0% of tax will come under Nil rated Supply.So merely because of export of goods,How can we say that it is zero rated supply???
Divakar
(Student CA Final )
(11857 Points)
Replied 17 January 2018
@ Gayathri...plz refer section 16 of IGST act... Export of goods or services is zero rated supply and not exempted supply.... On export u hv to pay taxes later on get refund if not makeing export through LUT OR BOND
Divakar
(Student CA Final )
(11857 Points)
Replied 17 January 2018
Zero is also a rate... Nil rated is exempted supply
Divakar
(Student CA Final )
(11857 Points)
Replied 17 January 2018
That is LUT or bond... LUT means letter of undertaking.... When u make export through LUT OR BOND then u hv no need to pay tax on that
Divakar
(Student CA Final )
(11857 Points)
Replied 17 January 2018
Actually export of goods is zero rated... But when u r not exporting through BOND OR LUT then u hv to pay taxes and later u will hv to make refund application.... LUT AND BOND Is a kind of self declaration.... Actually for increasing export government makes its tax free so that people make export more and bring foreign currency in india
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